Send Money Overseas

Send Money to Zimbabwe Cheaply

Information verified correct on December 10th, 2016

Here’s how you can send money quickly, simply and affordably from Australia to Zimbabwe.

More than 30,000 Australians were born in Zimbabwe, and with a large Zimbabwean expat community in Sydney and Western Australia, there are plenty of reasons why you might need to send money to Zimbabwe from Australia.

Banks versus money transfer services

Depending on your financial institution, you may be able to send funds to Zimbabwe through your bank. However, banks don’t typically offer an affordable service when it comes to international money transfers, as they charge high fees and less than ideal exchange rates.

You can usually get a better deal if you utilise the services of a specialist money transfer company. These providers offer simple and convenient online transfers and better exchange rates than the banks. They also charge lower fees and will sometimes waive their fees when you transfer more than a specific amount.

Case study: Heath Sends Money to Zimbabwe

Heath is earning a living by playing cricket in Australia and he wants to send some of his hard-earned cash back to his parents in Harare in the form of $1,000 US Dollars. His bank offers to take care of the transfer for him but Heath is not impressed with their high fees. He decides to compare the transfer options available from a money transfer provider with the fees his bank charges.

Bank

Money transfer company

Exchange rate

1 AUD = 0.70 USD

1 AUD = 0.73

Transfer fee

$20

$4

Transfer method

Bank account deposit

Bank account deposit

Processing time

2-4 business days

2-4 business days

Amount received (in USD)

$700

$730

As Heath’s example shows, a small difference in the exchange rate can add up to an additional $30 that he can send to his parents, while the transfer fee charged by the specialist money transfer company is also favourable.

What currency is used Zimbabwe?

Following a period of instability and hyperinflation, the Zimbabwean Dollar is currently being phased out and will no longer be accepted as legal tender by the end of 2015. Currencies including the South African Rand, Botswana Pula, British Pound Sterling, Indian Rupee, Euro, Japanese Yen, Australian Dollar and the United States Dollar are now acceptable forms of payment in Zimbabwe.

This has several implications when you need to send money to Zimbabwe. While some banks and money transfer providers exclude Zimbabwe from the list of countries they send funds to, a range of popular currencies are now accepted as legal tender. This means that there are options available when you need to send money to Zimbabwe.

Some of the banks and providers that allow you to send money from Australia to Zimbabwe include Commonwealth Bank, WorldRemit, Western Union and MoneyGram.

How to compare transfer companies when transferring money to Zimbabwe

Exchange rates. Even a small difference in rates can add up to a big difference when you calculate the total cost of a transfer, so see how the rates of each provider stack up against each other.

Fees. It’s a good idea to compare the fees that apply to an international money transfer. Some companies will even offer free transfers if you send more than a certain amount.

Transfer methods. Compare the options available for placing transfers: online, over the phone, using an app and/or by visiting a branch.

Transfer options. Can you lodge forward contracts to take advantage of favourable market conditions? Can you place a limit order so that your transaction is placed when certain market conditions are reached? Can you schedule recurring payments in advance?

Turnaround time. Compare the processing times of different providers to determine how long it will take for your funds to arrive.

Minimum amount. If a company imposes a high minimum limit on the transfers it handles, this can be restrictive if you don’t want to send a large amount of money.

Emergency cash transfers in Zimbabwe

If you need to send an emergency transfer to Zimbabwe, be mindful that you will have to pay extra to get your funds to your recipient as soon as possible.

Not only will higher transfer fees apply but you will usually also have to contend with an exchange rate lower than what you might be able to get for an ordinary transfer. This is why you should always take the time to read the fine print and make sure you’re fully aware of exactly how much your transaction will cost.

Western Union and MoneyGram are the proud owners of the two largest money transfer networks in the world, each boasting hundreds of thousands of agent locations across the globe. When you send funds for cash collection through one of these providers, make sure your recipient has the transaction reference number and photo ID on hand when they go to pick up the cash.

Bulawayo

Tips for picking up cash in Zimbabwe

As theft is a common occurrence in certain areas of Zimbabwe, you should be cautious when you pick up cash. Take someone along with you for added protection and avoid any areas that are known for being unsafe.

Keep your cash and your wallet concealed so that you don’t advertise your wealth to thieves, and deposit the cash with your bank as soon as you can.

How to send money to Zimbabwe

Whichever option you choose for your money transfer from Australia to Zimbabwe, you’ll usually have to sign up for an account with the provider before you can send your funds. This will involve providing:

Your full name

You address

Your contact details

Proof of ID

Once you’ve lodged a transfer you will usually be given a receipt or a reference number that you can use to monitor the progress of your funds.

Disclaimer - We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

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Important Information

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.